Biogen to acquire developer of fibrosis treatment

Tue Feb 14, 2012 8:49am EST
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(Reuters) - Biogen Idec Inc (BIIB.O: Quote) said on Tuesday it has agreed to acquire Stromedix Inc, a privately held company developing treatments for fibrosis and organ failure, for $75 million in cash -- and potential additional payments of up to $487.5 million.

Stromedix's most advanced candidate, STX-100, is a monoclonal antibody that has shown promise in early stage trials to treat fibrosis, an accumulation of scar tissue that affects organs and results from the body's attempt to repair chronic tissue injury.

(Reporting By Toni Clarke in Boston; Editing by Gerald E. McCormick)